How Much Salvage Coverage Do I Have?
Salvage coverage is an important component of your boat insurance policy, but not all salvage coverages are equal. Some policies will pay for the costs associated with salvaging your boat out of the agreed hull or actual cash value portion of your policy. This can effectively leave little or no money left over to pay you (or your bank) for the loss of your vessel. A more thorough policy will pay for salvage out of a separate coverage up to an amount equal to the agreed hull or actual cash value. A policy written this way will pay to salvage your boat, and pay to replace it.
Choose wisely.